News

As the year end approaches it is clear that the restoration of the used car market has been completed. The stalling  of the market from early 2008 resulting in stagnation for the rest of that year left most high end cars without any real value until early 2009. Since then the used car market has seen values rising month by month until October. This was fuelled by returning buyers and the strong buying by dealers looking for used stock to sell in lieu of new. In addition due to the weak pound a number of cars has left the market place being sold to other right hand drive markets such as Hong Kong, the Far East, Cyprus, India and South Africa.

 

Seasonally the last quarter has more sellers than buyers at the top end. Finance and Credit  underwriting remains stricter but we are finding that customers with good credit checks can achieve the flexible terms previously available in the market. My own view is that well specified  low mileage cars with full service history and in good condition will continue to be wanted going into2010. The contracted new car market will continue to  drive buyers  to low mileage used examples and these  will keep values firm during 2010. The launch of new models and higher spec and cost versions of existing cars will ensure that a clean Aston Martin DB9, Ferrari F430, Lamborghini Gallardo, Bentley Continental GT or a Rolls Royce Phantom will be  wanted and saleable in the used market.

 

The gap in value and actual saleability is widening where vehicles have missed services, have pending body and rim damage. Dealers will not just factor in the cost of  service and refurbishment but factor in the ‘age factor' and financing the vehicle during preparation. My advise is to keep your vehicle in service. We are now offering our 10 years younger - No botox required showroom face lift. From less than £1000 we will refurb your wheels, take out small dents and professional machine polish and valet your car.

 

Very low volume exotica such as Mercedes McLaren SLR, Lamborghini Murceilago, Koenigsegg will remain very hard to shift as there are very few new UK buyers for these cars. Our last Murciellago LP640 was sold to South Africa despite being reasonably priced and the best spec. As wonderful as the Bugatti Veyron is, there are too many in the market and too many special editions to make the prices asked for meaningful at present.

 

The top 3 volume supercars for me are the Ford GT, Ferrari Enzo and the up and coming Pagani Zonda. In the case of the Ford, there is a renaissance in interest for these as people are now appreciating what Ford achieved (again) reissuing the car from 2004 to 2007. Top collectable is the Heritage edition in the Gulf colours of pale blue and orange. Enzos have been talked up in price much recently mainly by owners who can afford to hold them. I am yet to be convinced that they are back to £1.0M. Much of the increase in the UK has been due to the currency exchange rates. The Pagani Zonda is establishing itself as a solid uber supercar and joins the Ferrari Enzo in the £500k plus space.